Telecom Italia S.p.A. (TIIAY) Q2 2023 Earnings Call Transcript

Telecom Italia S.p.A. (OTCPK:TIIAY) Q2 2023 Earnings Conference Call August 3, 2023 5:00 AM ET

Company Participants

Paolo Lesbo – Head of Investor Relations

Pietro Labriola – Chief Executive Officer

Adrian Calaza – Chief Financial Officer

Conference Call Participants

Fabio Pavan – Mediobanca

David Wright – Bank of America

Luigi Minerva – HSBC

Giorgio Tavolini – Intermonte

Ottavio Adorisio – Societe Generale

Domenico Ghilotti – Equita


Ladies and gentlemen, good morning and welcome to Telecom Italia Q2 2023 Results Conference Call. Paolo Lesbo, Head of Investor Relations, will introduce the event.

Paolo Lesbo

Ladies and gentlemen, good morning and welcome to TIM Q2 2023 Results Presentation. I am here with the CEO, Pietro Labriola; the CFO, Adrian Calaza; and the rest of the management team. Pietro will provide an overview of Q2 highlights and an update of the delayering plan, while Adrian will illustrate the financial results. As usual, a Q&A session will follow.

Pointing out our safe harbor disclaimer on Page 2, let me hand it over to Pietro. Pietro, the floor is yours.

Pietro Labriola

Thank you, Paulo, and good morning, everyone.

These are the topics I will cover today. The focus would be on where we stand against full year guidance on domestic and TIM Brasil performance, but I will also update on the delayering plan and net cost disposal process. I will address each topic in the following slides. So let’s start.

While TIM Brasil continues to perform in line or better than expected, I’m pleased to confirm that in Q2 domestic revenues are back to growth and EBITDA is stabilized. In H1, the group performance fully support full-year guidance. Service revenue are up to the 3% year-on-year, in line with low single-digit growth target. EBITDA is up 4.7% year-on-year, in line with mid-single-digit growth target. So far, the positive drivers and the action taken in

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